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, and their accusations of widespread corruption by local officials. and jeffrey brown samples the poetry about greece's financial woes and its austerity measures. >> we'll hock the person to buy our bread. if you believe the headlines, then we're sunk. greece downgraded deeper into junk. >> ifill: that's all ahead on tonight's newshour.n >> major funding for the pbs newshour has been provided by: moving our economy for 160 years. bnsf, the engine that connects us. >> and by the bill and melinda gates foundation. dedicated to the idea that all people deserve the chance to live a healthy, productive life. >> and with the ongoing support of these institutions and foundations. and... >> this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> ifill: much of the world paused today to observe christmas. the day brought all the traditional rites of faith for christians and a new urgency to calls for calm in the troubled corners of the globe. thousands of the faithful greeted pope benedict xvi today at his cal bon
together to stop us from becoming greece. >> yes. >> man up, barack obama. strong words. >> he has a chance to be an historic president. what makes us greece? it's not because the tax code is at 35% versus 39.6. what's going to make this country greece, like every other western nation, retiring at 10,000 a day in terms of baby boomer, three workers for every retiree, in 20 years we'll have two. medicare and social security are about $30 trillion underfunded. if you did what tip o'neill and ronald reagan chose to do, reform entitlements, we become the most dominant place on the planet pretty quickly. so what i would plead with the president to do is use this mandate. redo revenue, which we should. but what keeps us from becoming the country we want to be and damns the future generations is entitlement and spending. when i was 21, my mom died, when i was 22 my dad died. if it wasn't for social security survivor benefits, my sister would have never gone to college. social security is going to fail. when i was 22 we needed the 300 and something bucks we got a month. i'm 57, i have no kids, i co
of 8 months to the next federal election in germany, for instance. greece therefore is the sick person europe. of the world. meanwhile, the united states of america is ungovernable. you have a system in this country that was created to create this country as an ungovernable state. you have congress, the president canceling each other out. how the president -- whoever the president might be -- do anything? you have china -- finding it impossible to provide a replacement for the demand that the west has done away with. so, i do not have an answer for your question. bewilderment. >> my question is about consumer demand and the extent to which the old system depended on it. if we do not have it to the same degree, could there possibly be a new economy? i cannot know how to say all of these in the right economic terms. i will say what i am thinking and see what you make out of it. its teams like all the economy's got to a point where it had to be based on growth. it could not just be sustainable. it had to grow. and that meant more consumers. so, then, that led to a lot of things ecological
♪ ♪ ♪ ♪ imus in the morning ♪ >> you won't believe how bad things are in greece, but believe this, they are getting their bailout money. it came through today. good morning, everyone, 50 billion dollars flowing into greece. it will never be repaid. new figures show the country in a deep depression. 11 million people owe a half trillion dollars. back home, speaker boehner and president obama are a little closer to a deal and both have given some ground on taxes and spending. the markets like it. right now john boehner is trying to sell it to his party. across the country, record gun sales over the weekend. "varney & company" about to begin. i always wait until the last minute. can i still ship a gift in time r christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas delivery. >> we have breaking news right now on the debate within the republican party about the fiscal cliff deal. rich edson has what, what is being discussed here, what is the latest, rich? >> a plan b on
this administration. we have to reduce spending. we are heading down the same path that greece did. right now the democrats are talking about raising taxes on the top 2%. if we do not stop the spending, we will be back here again maybe one year from now saying, maybe we need to raise taxes on the top 25% or 50%. then everybody will be taxed and we will run out of money. what is going to happen is the federal government is not going to be able to take care of its obligations. you are not going to be able to have safety nets. social security and medicare are going broke. we have to fix those of those who are dependent on those systems can get them. continuing to spend money like both parties have been doing the, wild spending is going to lead us to be just like greece. we are not going to be able to take care of the poor or the needy or take care of senior citizens. we have to stop spending. host: this is fiscal year 2010, but it has not changed significantly in terms of percentage. 41% of the federal budget. not defense appropriations 19%. defense spending 20%. the national debt 6%. we're in t
. the gunman used a military style rifle in the shootings. >>> good news for greece. raised the credit rating by 6 notches. other european union countries are committed to keeping greece. >>> instagram says it has a right to sell your photos. expressing outrage on twitter and sites. instagram claims the right to sell photos to advertisers without payment or notification. there's no way to opt out unless you close your account by january 16th. that's your money watch. cbs money watch.com. >> coming up at 4:00, toyota troubles the multi million dollar fine levied by the government. >>> the strongest northwest storm of the season roars into washington state. the mess it left behind. >> no leavy coats needed outside. right now mild and sunny. but tells us that's going to to change. always on for your top stories on wjz.com. and first warning weather click wjz.com. ,,,,,,,,,,,,,,,, >>> i'm paula from maryland, happy holidays, wjz. >> happy holidays to paula. >> happy holidays paula and everybody out there. >> it's a nice day. >>> it really is . there's an event going on that exact place on sunday.
to get it back? we know we don't want to end up like greece. the country is still struggling today. s&p upgraded greece's credit rating by six notches. >>> lauren rousseau was 30 years old. she had recently just landed a permanent substitute teacher position at sandy hook elementary. according to her family, she died doing what she loved. spending time and teaching children. her boyfriend tony says they had just celebrated their one-year anniversary together. he sat down with poppy harlow and talked about it. that must have been hard to talk to him, hard to hear him. what did he say? >> this is a guy the same age as me and his girlfriend, the same age as well. the way that tony was describing lauren in her obituary was the love of her life. they fell in love on their first date at a wine bar. that's when they shared their first kiss. these were just two peas in a pod, the way they described one another. you know, he told me he doesn't believe that it's real, that it's permanent, that she's going to come back. he's having a hard time processing that. the way he described it to me just
much time talking about europe and greece. the rest of the world is absolutely on fire, where people obviously focus on is china. in september, they approved infrastructure projects. love the way the stocking is acting the last couple of days. dagen: you are bullish on the global economy. charles: for a while now. connell: you are not worried about china athol? charles: i think china is going to continue to be on a roll. i am also impressed with brazil, indonesia and turkey. the rest of the world really doing extraordinarily well. connell: we like when you go global on us, charles. what do you use, google maps or apple? charles: stuart varney is probably better than me when it comes to these smart phones. connell: i do remember when you got away from the flip phone. charles: that is only because i left it in the green room. i heard someone from the smithsonian came up. dagen: charles, thank you so much. connell: let's go to this google graphic story. it is a very popular app. let's put it that way. we will talk about that coming up. more from washington, the house speaker ready to pu
the brink. greece got upgraded today. who would have thought it. that is what the market is looking at. saying okay. it is not going to be the worst kcase sharcenario, but you coul extend the middle class tax cuts and be done with it. it is in a recession. >> and i think the market would not like that very much. everybody is expecting that you get the middle class tax cuts done. >> and if you can get china and europe doing better. it is hard to be terribly bearish on the u.s. >> y are going to stay with our politico expert. this is a rally that has surprised experts. it hasn't been that easy to be optimistic. >> it is. i think you have to be cautious here. the probability that this could fall apart is very, very real. >> so, you have to be careful up at these levels as a trader. i have low exposure up here. i have protection. that is how you have to play this market. stay with us please. >> yesterday it looked like washington was inching towards a deal. but today, plan b could be signaling differences. we have karen b and sara fagan herself a former political director. i know what it m
this lawmakers do not reach a deal in time? are we on our way as some warn to becoming greece? doug mcelway is live ph washington. there are nice things about greece that you won't mind emulating, but your budget, their economy not one of them. >> the parthanon a nice thing to see when you go to athens. when ron paul was running he got huge applause when he said a government that continues to deval its currency destroys the middle class. >> they don't have the money, they run out of borrowing power, guess what they do. they start printing money. >> reporter: the federal reserve has printed more moon to deep interest rates low. most economists agree there is a big risk in there, the debt to gdp ratio is 102%. our debt is actually greater now than the amount of money the entire u.s. economy produces. even at historically low interest rates that interest on the debt will cost the u.s. $222 billion this year. 570billion by the year 20, 22 if the rates stay that low. if interest rates ricin slightly every sector of the economy will have a hard time paying its bills. >> servicing the debt is
to turn into greece first. depending on which of these scenarios we are talking about. it's all nothing. eventually they run out of money. the fed keeps print it. megyn: if we are going to be greece i would like a good euro. thank you. as the newtown shooting ignited a debate on gun control, some are talk about the assassination attempt of president reagan and his view on guns. michael reagan is here in a must-see interview. a michigan man is head to court after he decided to make a citizen's arrest of a police officer. here he is trying to pull the cop over. >> i said sir, you need to wear your seat belt. and it set me off. i was mad as hell. since i've lost weight i have so much more energy than i used to, when i'm out with my kids, my daughter'like, "mom, wait up!" and i'm thinking, "shouldn't you have more energy than me? you're, like, eight!" [ male announcer ] for every 2 pounds you lose through diet and exercise alli can help you lose one more by blocking some of the fat you eat. simple. effective. advantage: mom. let's fight fat with alli. have a healthier holiday at letsfightho
of communist occupation. poland is as different as greece is from some land. europe is now divided in many ways. there are a few elements of the communist past you can see. there is a paranoid element in politics that comes from the legacy of people being spied on and having lived in an oppressive system. they are more paranoid about secret deals behind their backs, because secret deals were done behind their backs, and that is understandable. there is an anxiety about being left behind in the west. the memory of the past continues to play out, but in truth, these countries are more different from one another than they are similar. >> you chose three of eight countries behind the iron curtain? >> it depends on how you count. >> what were the three democrats i chose to poland, hungary, and east germany. they have different historical background. they belong to different empires in the 19th century. they have different political traditions and mostly because they have given experiences of the war. germany was nazi germany. poland resisted very strongly. the nazis had one of the most resistant mov
the stand outout here is the euro. greece getting a five notch upgrade at the s&p. our road map this morning starts with gm. government motors no more. the treasury to exit its stake in the next 12 to 18 months, purchasing 2 million shares by the end of this month. >> another challenging quarter for fedex with the blame squarely on sandy. but the stock is up pre-market. >> oracle posts a strong quarter with even stronger guidance. the season rebound in europe. no impact from the fiscal cliff. >> and ge gets boosted from ubs's key call list on the weaker than expected macro environment. still on the list is including -- well tell you in a couple of minutes. >> general motors is up sharply in the pre-market session. the treasury department says it intends to sell the rest of its stakes in gm in the next 12 to 15 months. the automaker will buy back 200 million shares from treasury for $27.50 a share. treasury says it plans to sell its other remaining shares through various means in an orderly fashion. timothy masssad will join us later. this could be a buy signal with the government signaling i
in. and that that is unsustainable. the question is does that all lead to greece? part four of our series "the cost of spending" looks at dangerous consequences. interest rates and the role of the federal reserve. >> if a government destroys the value of currency, it will destroy the middle class. >> ron paul railed against the federal reserve and got applaud from growing clouds. >> we don't have the money, run out of borrowing power and guess what they do? they start printing money. >> despite paul and others' criticism the fed acted more aggressively. doubling down on printing more money each month to keep interest rates low for the future. >> it's likely warranted through 2015. >> why are they doing it? go back to the national debt clock. remember, we were staring at it it early in series. the debt to gdp or gross domestic product ratio is at 102%. the highest since just after world war ii. that is with extremely and historically low interest rates. even at these rates, that interest will cost the u.s. more and more every year. $222 billion in interest payments on the debt this
of federal power. >> you left out of that rant "just like greece." >> the first time for attorney general to be held in contempt. >> this is issa with a political move. >> this will be a witch hunt. if you get more it's an intervention. >> the water just now breaching over the sand dunes. >> hurricane sandy, superstorm that meteorologists call a once in a lifetime occurrence. >> the whole coast has been devastated. >> the number of ambulances for people who showed up to move the children is remarkable. >> the loss is emotional and memories. loss comes in many forms. ♪ ♪ notice ♪ ♪ ♪ ♪ >> greg: andrew breitbart died this morning at 43. publisher, activist and commentator. but that says nothing about this force of nature. he was a big kid who treated his opponents like humans. never about people. it was always about principles. >> the u.s. has just evacuated all personnel from benghazi to tripoli. >> this was a concerted effort, well organized. heavily armed. >> the american president and secretary of state and everybody else in the administration saying louddy it was because of
, california doesn't have the money for it. >> california is america's greece. we continue see them, you know, gone past the proverbial, you know, they have gone over, and it feels weir base there's people re-election -- weird because there's a lot of people who are relatively poor, and if you're rich, you can handle it, but they both are together on the same things, and it's those people in the middle, those 1 million, by the way, who left in the last ten years to go to texas because they are the ones who get crush in all of this, and real opportunities are a loss for everyone, and at some point, you hit a break wall. it's happening around the world right now. neil: how many will actually use it for the intentions it has? >> from what i read, they admit programs like this around the country have been ripe with all kinds of frauds. i would suspect a vast majority sell it. i can't imagine, you know, a lot of homeless people are drug addicts, you know, we got -- by the way, we got a lot of programs out there. you know, for homeless people, and we got a ton of programs. i know people who have no
comes up over the year. liz: worried about greece and ireland and portugal, and italy, spain, then the election. go back to the primaries. what will happen with the primaries, then election, then fiscal cliff. it's always something. all you really saw if you look at one are to your charts of the s&p, dow, you name it. not exactly a straight shot, but it was a rally. people sitting on the sidelines terrified, shaking their hands saying we are not going to buy. look at the far left. now where we are today, you're looking at what some of you out there miss because you were scared. how did you convince people there is more room to run normally you don't believe that? >> for us it is very much business. with respect to these various crises are fears of the fiscal cliff for the election are what have you that the rate -- create uncertainties in investors' minds, it's often better to adjust to now. ridge example is the election. in early november right after words two weeks later, 11%, markets is just grew up. be classy about this. event guess what. yesterday or the day before we we
treated in local hospitals. as you mentioned a police officer from nearby greece, new york was apparently driving by. he was injured when his vehicle or the area near him was hit by shrapnel. now, as for the crime scene itself, the authorities say that they believe that the shooter is dead. no word as to his identity. also not clear, kelly, is what type of weapon he had with him. the authorities said that it was not clear if it was an assault rifle, the type of weapon we have heard so much about during the past few days. we expect that there will be more information later today. they say there will be a news conference at 2:00 this afternoon. another thing to keep in mind is that because of the attack on the firemen, they were unable to put out the house fire, and what began as a house fire and vehicle fire then spread to at least three other buildings. we are toll that they were destroyed. others also damaged. and firefighters are on the scene trying to put out the flames. also, still yet to be known, kelly, and this is key, is might there be other victims here, because they are still tr
been doing is going to lead us to being just like greece. we will not be able to take care of the poor and needy or senior citizens. we've got to stop spending. host: this is from the congressional budget office -- social security, medicare, and medicaid are 41% of the federal budget. defense spending is 20% area do you cut? >> we have to cut across the whole circle. it is not the so-called congress' spending. it is everything in that pie plate. need to fix social security and medicare because they are going broke. democratic colleagues are totally in denial. they think they have a policy regarding social security and medicare. they say denied it is a problem and they deny -- and a delay fixing it and third, they will destroy the programs because they are denying and delighting and they are demonizing those of us who want to try to fix it. we need to fix it so that social security and medicare are available for those people needed. we've got to put in place policies that will do so. the democrats have been totally against are doing so. host: are you worried that the republicans are jus
yields have come down from 30, as you know, to 12.9%. they are below 13. way to go, greece. they have done very good so far. >> that's interesting, because europe has taken a back seat to many soft other issues. you still worried about europe? should that be part of our investment idea portfolio? >> as david said, that's improved dramatically, too, and it's really taken a back seat, so i would say, as david said, that some type of deal is priced into the market. >> let's do it this way. your single best idea to invest in, and then i'll get yours. >> financials, not necessarily the big banks but bank of new york melon. >> why? >> a processing bank, because it's the cheapest sector. a lot of momentum going for it right now. >> even the low rate that hurt their bottom line because it's tough to lend and borrow at such low rates. >> keep in mind, bank of new york melon, they are a processing bank so lending is not that big a deal to them. >> profit, production and personal income are the three things to watch, the three ps. >> what's your single best? >> our single best idea is apple comp
was supposed to vanish by this time with the secret sellers around the country. i thought greece was supposed to be kicked out of the union. instead, my advice, do what my charitable trust did today, buy european stocks. you know where else there's much more to come? yep, oh boy was this one a hated one coming into this year. yeah, you know what i'm talking about, china. how about that economy over there? after pausing because the government was busy whipping inflation, now, thank you, late gerald ford, now it's coming on strong. i think growth in china's accelera accelerating. the stock market might be the most undervalued in the world. the stock market entirely could be under valued. how many short sellers told you to do the opposite and sell that market? after the steam roller it's been of late, what exactly are the short sellers saying now? i don't know, i'm not hearing them clearly. i'm not listening. i'm not, no, i'm not hearing. europe and china both were supposed to slip into oblivion in 2012. that was the easiest story, everybody wrote it. turned out two fabulous places to invest. ho
. google is flying from south to north. so i think they're kind of mingling right now in greece. so in santorini. this is his dashboard. you can see where he is. there's a lot of games. kids having a ball with it. it shows you where santa is. he's leaving his presence as he moves. he's moving from africa north. so now they kind of just bypassed each other in greece. and now google is now in finland where the other guy is. or similar santa was earlier. they're kind of meeting in the middle. just around the equator. >> here's the thing, we just don't want a midair santa crash. that would be the worst case scenario. thank you so much, alexandria, in an age of e-mails and tweets, here we go. it's nice to know that a letter can still be a powerful tool. it also helps if you have a powerful role model. that would be 9-year-old gabriella miller. she got strangers from around the world to write letters to santa. that out pouring will bring some joy for severely ill children like gabriella herself. now, our affiliate has the story. >> we have a mountain of letters here. >> reporter: chris' c
that this country could become like greece. do you see that as a possibility? >> no, i do not see that as a -- i do not see us becoming a light breeze. it is a profoundly different situation. i do see the possibility that we could have the debt that could truly be harmful. the congressional budget office, which is nonpartisan, says if we stay on the course we are on, we'll have a debt that is 230% of our gdp over the next 20 years. most of the experts say that once you get a debt over 90% of your gross domestic product, that inhibit future economic growth. and in a pretty significant way. this is not just about numbers. it is about opportunities for people. whether you'll be able to send your kid to school, send them to college, whether they will be able to buy a car, buy a house. are you going to be able to start a business and have it succeed? whether or not you have economic opportunity for the people of the country. and we know with the best academic research that has been done that if a country's debt gets too large in relationship to the size of its economy, the economy does not grow as fast.
in greece and then come late wednesday night into thursday morning we will see more widespread rain carrier >> which is see two to 4 in. of rain by thursday and friday. if the highs for today is a little bit below average. lower 50s for downtown san francisco, mid- 50s for oakland and have moon bay will be in a lower 50s. here is your kron 47 day around the bay. it is very cold tonight, we will be dry. the windy conditions was also come. for the weekend will will see showers and we may see rain also for christmas eve. >> 11 in. of snow may pave pickuif you are lucky enough to get up there today you will enjoy fresh snow. >> better news for your ride through palo alto. san hill road just reopened at el camino. and driver knocked the top of a fire hydrant off. and the water flooded the streets. the roadway has now reopened. here is a bridge check. pridfor the salmon tell bridge spans are starting to slow down about 18 minutes for drive time. there is a big change in pattern this year for the san mateo bridge. looking at your ride on the golden gate bridge is an easy commute. the volume is bui
farm in maine that helps turn greece into finding peace. >> i know when chris died, we kept thinking about how we were going to remember him. and we kept thinking that his spirit was moving through the trees every time you saw them moving. i seem to be drawn to maine even though i've never lived here. it's pretty amazing. >> we're in the wreath business and have been since 1971. columbia falls is a little town in coastal washington county. the perfect little country town kind of thing. we're looking for 12 to 18-inch pieces. as fast as this brush is coming in, we're using it on the other end. we're out on the land that produces the tips for national wreaths across america day. >> each wreath is made of balsam that is picked off of our own land. it began as a family tradition to donate 5,000 wreaths to arlington national cemetery. >> a great source of pride for my family. it's our little way of giving back to the country is through the veterans wreaths program and the new veterans remembers trees program. >> that's captain brent morale, u.s. marine corps. this is another tree has been
've accomplished very little in terms of not becoming greece or getting out of debt. this deal won't affect the debt situation heather: welcome back. investigators are examining the black boxes in the deadly plane crash in russia. amateur video capturing it on tape. now we're learning at least five people died and three others were badly hurt. the plane took off from an airport near moskow. it landed on a highway before breaking pieces and catching on fire. gregg: new videotape shoug house majority leader eric cantor arriving at capitol hill. he really didn't say much of anything. he was asked what's going on, is there a deal? he basically said, happy new year, happy new year, happy new year three times. and the senate is not convening until about 11:00 a.m.. it may not be officially reconvening but just meeting. that was the time that harry reid said it would happen. tony sayegh, former press aide to gop vice-presidential nominee jack kemp and national political correspondent for talk radio news service. kirsten powers, columnist for "the daily beast" and fox news contributor. questions te
. if not, we will become greece in 20 years. guest: that is a great point to bring up. leaders on both sides of the aisle on capitol hill have made the point that this is not a democratic or republican issue. there is waste to be curbed. what i am hearing from republicans like jon kyl is that you have to make sure america is still able to make its commitments on the world stage. we spoke with a lot of defense- heavy representative, folks from the house armed services committee. they can see that there are cuts to be made. it is just about doing it in a responsible manner rather than across the board cuts, which is less discriminatory than most defense advocates would like. host: we have earl in street louis on our line for democrats. go ahead, =- st. louis on our line for democrats. caller: i was just wondering about the defense industrial complex that president eisenhower made the comment about. the defense contract workers are union workers. i do not hear the republicans hollering about that. i am is retired veteran. i think it is time we cut back on defense programs. we could close
fiscal accounts in balance and move them in the right direction so that we don't become greece? it is interesting that we talk about the -- the previous panel talked about state government and one big problem in europe is there is no fiscal coordination among the independent countries analogous somewhat to our states and who has to bail them out when they haven't done what they are supposed to do? i don't know that we are all that much different. so, we have a great panel. people that are far smarter than i am. i'm going to introduce them now and i will introduce them all and i will sit down and i get to ask some questions. i will ask the panel to keep i will ask the panel to keep their answers
the economic instability that we have in europe, as to what is happening in greece and we have our fiscal cliff here in the united states, what role do you see the council on foreign relations play in the overall big picture, especially helping to ease the situation of the economic problems in the united states? guest: the council on foreign relations is an independent, non-partisan organization that has nothing to do with the u.s. government other than the fact that our scholars try to help influence and educate the public. the government on foreign policy. the uprising in the arab world, to the caller's question, is happening in the worst of all possible times. the u.s. and strapped financially. europe is back in a recession and confronted with serious economic problems, but europe and the united states would, in the past, be the place that traditionally had helped to support economic change and prosperity in that part of the world. now what we're seeing are caught are countries like -- are countries like qatar in saudi arabia stepping in. again, the instability in the region is timed in perh
we get to 2020, we're going to be in the shape greece is in with 152% of our gdp being locked into debt. we cannot sustain this. you have to begin to make some systematic across the board and detailed reductions in this spending discretionary and on the entitlement and you have to deal with the trust funds and treat them as trust funds, not as pass-throughs to the general fund. >> congresswoman, thank you very much. i know it's a busy day. >> it is. thank you. >> congresswoman blackburn. >>> steve liesman is working on this since late last night. at the very least, steve, it's high theater, wouldn't you agree? >> high theater and complex math, carl. what we want to do is concentrate on what i market really cares about. how far apart are the sides? unfortunately, it is so complicated we can only do one piece at a time. so we're only in this presentation going to talk about revenue, not spending. and i have to say, these are the best available numbers? are they the actual numbers? we have only run them by each side and they have said that they are not far off or as close as you
greece they are not a monolithing society. for some people that would be totally impossible to utter a word or a sound. for other people it's cathartic to open up and express their love and devotion and to have the final words over someone they love. i try very much as a pastor not to among their relationships and emotions and how they use to commemorate the person they leaply will have. >> as a reporter i like to get as many information as you can. i want to know every detail about everything and that's a way of processing it, managing it. people must ask you questions you cannot answer. and they say where was god when this happened? >> it's precisely as you is asaid i've tried to avoid answers goesable temporary. there are some things that are handeds now life that we do not know or understand. these areas, ambiguous areas where we don't have a deficit answer it's better not to give any answer at all than to give one inappropriate. that's why we have faith for those things we cannot explain and point to directly, we have to frtrust god and lean on him get through the sufficient tim
greece. at some point the american people are going to say, enough. every american family has to balance their budget. every american family has to make tough decisions. why don't we make some tough decisions, if we want to have things paid for like weather capabilities, like amtrak, like replace federal assets, buying vehicles when we have 660,000 vehicles in the inventory. why don't we start making tough decisions. i often mention that the approval rating that we have of the american people is rather interestingly low. the last one i saw was i 11% approval. no wonder -- no wonder. we're about -- in a matter of literally hours -- to spend about $60 billion of the american taxpayers' money, estimates of some is that it should be around $24 billion. without hearings, without the kinds of scrutiny that it deserves and the normal appropriations process. and i understand why we need some of this money in emergency fashion. but it's like the train leaving the station. it's loaded up with pork, and it's moving and so everybody wants to get on board. it's not the way that the congress should do
greece faced multi-year recession and slowdown, unemployment at over 25%, youth unemployment over 50%. what we saw was the recession expanding. spain, italy, the uk, all found austerity taking its toll even more as unemployment continued to rise in some of those countries. even the large country, the economic powerhouse germany found its slelf slowing down. the root cause of it all was the inability of the european governments to come to policies to get growth started again. towards the middle and end of the year they did, but the tale was style there. very much austerity again and again. perhaps if there was only one change that took place as we moved into the fall and into the winter. it was the realization that most of these countries could take no more austerity. social welfare having been cut, health care cut, unemployment, growth virtually nonexistent. now the talk is not of more austerity, but how to get growth started again across the contine continent. suzanne. >> thank you, richard. >>> christmas, of course, is a time of giving, but there are many struggling families in bos
a self-induced one because of the fiscal cliff. it's not greece. it's not like the u.s. is being forced to act right now. the u.s. has a medium and long-term problem with entitlements and population. if politicians on both sides of the aisle could get together and kind of do a down payment for the long-term entitlement issue, that would give them the room to not only -- would there be sort of benefits from doing that, but also give them the room to not do so much tightening in the short term when the economy is weak. >> all right, zani, thank you so much. terrific insights. appreciate it. >> my pleasure. >>> well, if you haven't done your christmas shopping yet, now is the time to panic. no, don't panic. our tech expert has some ideas. she'll show you the latest cool gadgets. >>> a look into what's next in the culinary world. cool tools and strong drinks. so we're going to make a drink called the thai basil dhaka re, and we use liquid nitrogen to freeze and crush up herbs. this is thai basil. here is the main part of the technique. pour liquid nitrogen on the herb. liquid nitrogen is go
becoming greece. i will not set aside the 1.2 trillion in cuts. >> reporter: talking about $1.2 trillion in spending cuts. the president's scaled back plan i mentioned dealing with unemployment benefits, dealing with taxes, leaves the issue of domestic spending cuts basically after the holidays. that is why some republicans like graham are skeptical. gregg: is it fair to say democrats are adamant there will not be a deal without taxes going up? >> yeah. when you talk to white house officials they say, they're sort of mystified that speaker boehner is still arguing about the level on tax rates going up because the president ran on this back in the campaign. he won the election, and, since the day after the election he has been saying this is what's going to happen to get a deal. that you have to have rates go up. that is basically what senator chuck schumer said yesterday. take a listen. >> on taxes, i know it is hard for the republicans but the president ran on that platform, 250, no tax increases people below but taxes for people above. he won. 60% of the voters were for it in exit poll
a year. greece has a debt problem. we have a significant debt problem. martha: indeed. stuart, thank you. >> sure. bill: $16 trillion. now to newtown, connecticut, attempted normalcy and so much heartache. schools in the area opening first time since friday's massacre except of course sandy hook elementary which remains closed indefinitely as police continue their investigation there. there are questions whether it will be ever reopen. volunteers in the neighboring town of monroe, seven miles away, hard at work, getting a former middle school ready for sandy hook students. all of this as the grim task of bearing so many young innocents gets underway. 10:00 in the morning funeral services begin for james mattioli. followed by services for jessica reek coast. -- rekos. a rabbi spoke about that service. >> being celebrated as a pure innocent child by the promise of life ahead of him. who brought joy to his family and to his community and who will be sorely missed. as his older brother said he could have been anything if he had grown up. this is tragedy that we have no answers for this. bill
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